Housing starts rise in July, top expectations
New home construction in Canada topped economists’ expectations for July.
A strong showing of new construction homes across the country suggests that builders are undaunted by the potential for a real estate slowdown.
Low interest rates continue to fuel the demand in the housing market which allows the builders to continue a rapid pace for building new homes.
The Canadian Mortgage and Housing Corp. (CMHC) said the number of new homes on which building began during July were 200,098 housing starts on an annualized basis. Economists have predicted 193,000 housing starts.
Housing starts have now gained strength for four months in a row, and starts during the first seven months of this year are now slightly higher than during the same period last year, economists have noted.